BC lenders will work with BC mortgage broker to refinance a house.
The credit report or history for the most recent two years is evaluated by lenders against the form filled out by the applicant. Pertinent data contained in the credit report, particularly the number of creditors and total amount of existing liabilities, should match the information provided in the application form. Sometimes there are significant differences, omissions and inaccurate information found during the process of comparison; all because some applicants cannot recall every details correctly. In cases when such discrepancies are profound and is serious in nature, it is necessary that the applicant to provide a written account.
Credit reports are highly affected if the creditors and other data furnishers do not report or update on a regular basis to a credit bureau because the credit information contained in the bureau’s data repository would be out-of-date and of no use to the lender. When this is the case, the lender may either send a Verification of Loan form to the creditor or request a loan statement from the applicant in order to perform verification. By doing any of the two, the lender may be able to validate credit information that is also included in a credit report.
There are instances that an applicant does not know some of the information included in a credit report, which may be inaccurate. If the applicant found some erroneous information contained in a credit report, should discuss it with the credit bureau in order to resolve the issue. When this happens, the bureau has to verify if the credit information furnished to them was wrong and modify the credit record accordingly.